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Coinbase-Backed Web3 Security Firm Harpie Closes, Cites Unsustainable Model

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bitcoin.com
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1 year ago
AI summarizes in 5 seconds.

Harpie, the Web3 security platform, announced on March 27 that it is ceasing operations, ending its mission to create a “theft-free” crypto ecosystem. The Coinbase and OpenSea-backed platform cited an unsustainable business model as the reason for its shutdown.

The platform had garnered attention for its onchain firewall technology, designed to monitor transactions in real-time to prevent hacks, scams, and theft. Harpie enabled users to secure their digital wallets by blocking malicious transactions and recovering stolen assets. However, despite its innovative features, the platform struggled to sustain a viable business model in the competitive and rapidly evolving Web3 space.

In a statement shared on X, Harpie expressed hope that its efforts would inspire other firms to continue working toward solving the problem of crypto theft. Like other blockchain security platforms, Harpie frequently issued alerts about the latest tactics employed by scammers and hackers, offering advice to users facing transaction issues.

“If your transactions are failing, please disconnect your wallets from the Harpie RPC via your wallet’s network switcher. We will be creating a utility to move vaulted assets on the Harpie website in the coming days,” the company stated in its X post.

Harpie also assured users with pending giveaway commitments that these obligations would be honored, with further details to be shared through its Discord channel.

The platform’s closure comes more than two years after it raised $4.5 million in a funding round led by Coinbase Ventures, Dragonfly Capital, and Opensea. The investment had aimed to expand Harpie’s capabilities to prevent a broader range of attacks and serve institutional clients, such as group treasuries.

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